Founders Financial Securities LLC Increases Position in Public Storage (NYSE:PSA)

Founders Financial Securities LLC lifted its position in shares of Public Storage (NYSE:PSA) by 7.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,460 shares of the real estate investment trust’s stock after buying an additional 245 shares during the quarter. Founders Financial Securities LLC’s holdings in Public Storage were worth $1,004,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 44 shares during the last quarter. Core Wealth Advisors Inc. bought a new stake in Public Storage in the 4th quarter worth approximately $30,000. Private Ocean LLC raised its holdings in shares of Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares in the last quarter. EdgeRock Capital LLC bought a new position in shares of Public Storage during the 4th quarter valued at approximately $32,000. Finally, Centerpoint Advisors LLC bought a new stake in Public Storage in the fourth quarter worth $35,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.4 %

Public Storage stock traded up $1.10 during trading hours on Friday, hitting $287.65. The company had a trading volume of 1,790,167 shares, compared to its average volume of 741,451. The firm has a market cap of $50.55 billion, a P/E ratio of 26.13, a P/E/G ratio of 4.00 and a beta of 0.63. The company has a 50-day moving average price of $276.19 and a two-hundred day moving average price of $282.85. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were paid a $3.00 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.17%. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on PSA shares. Scotiabank upped their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. Barclays dropped their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Finally, BMO Capital Markets raised their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $303.00.

Public Storage Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.